Ecommerce store Shopclues has laid off nearly 50 employees last week across multiple functions. “the layoffs were made taking into account individual performances and had impacted ess than 4% of the company’s overall workforce”, said a spokesperson of Shopclues.
Shopclues is believed to have an employee strength of 1200 across different departments.
“Unfortunate as it might be, the rigours of a merit-based system requires that we keep the bar high on individual performance. As we wrap up the review cycle for FY 2018, this decision has impacted less than 4% of the total workforce,” added the company spokesperson.
The layoffs come at a time when the Tiger Global Management and GIC-backed company is facing and potentially preparing to stave off, increased competition from two of India’s biggest e-commerce companies – Flipkart and Amazon.
Shopclues managed a flat growth of 5% in 2017. The company had reduced its advertising and promotional costs from ₹238 crore to ₹188 crore.